The sum of N430.16 billion from revenue generated in December 2016 was disbursed in January 2017 to the three tiers of government by the Federation Account Allocation Committee (FAAC), the National Bureau of Statistics (NBS) reports.
A breakdown of the revenue channels reveals that N248.72 billion was derived from the Statutory Account; N52.85 billion from exchange gain; N42.99 billion from Excess Petroleum Product Tax (PPT) Account; N79.27 billion from Valued Added Tax (VAT), while N6.33 billion was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).
The Federal Government received a sum of N168.03 billion while states and local governments received N114.28 billion and N85.40 billion, respectively.
Further breakdown of revenue allocated to the Federal Government reveal that the sum of N145.72 billion was disbursed to the FGN consolidated revenue account; N2.97 billion shared as share of derivation and ecology; N1.49 billion as stabilization fund; N4.99 billion for the development of natural resources; and N3.69 billion to the Federal Capital Territory (FCT) Abuja.
The states with the highest allocation include Akwa Ibom, Rivers, Lagos, Delta and Bayelsa states, with N10.2 billion, N9.7 billion, N9.3 billion, N8.4 billion and N8.0 billion, respectively.
States with the least allocation include Kwara, Ekiti, Ebonyi, Nasarawa and Osun, with N2.530 billion, N2.532 billion, N2.532 billion, N2.579 billion and N2.657 billion, respectively.
The Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.56 billion, N5.60 billion and N2.55 billion, respectively, as cost of revenue collection.
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